Posted on July 22, 2014
The Australian Securities & Investments Commission (ASIC) has recently released a new smartphone application to help small business owners undertake important checks before entering into business transactions with other organisations.
As said by ASIC Commissioner Greg Tanzer “What you see on the surface isn’t always what you get.
Due diligence needs to start the moment you’re thinking about starting a relationship with a business, not after you find out you’re chasing money from a business that doesn’t exist.
ASIC’s Business Checks app provides some general guidance on the steps small businesses can take to reduce the risk of being swindled by unreliable operators and fly-by-night businesses.
There will always be an element of risk when you enter into business transactions, but you can help protect your interests by doing your homework and checking for warning signs”.
The ‘ASIC Business Checks’ app encourages small business owners to;
ask the right questions about the company, business and individuals they’re dealing with
check ASIC’s registers and verify that the information they’ve been given is accurate
seek ASIC’s help if they need more information or the support of a professional business adviser, and
report suspected misconduct to ASIC if they believe a company, business or individual is acting unlawfully.
The app is available for download now via iTunes or Google Play.